Location: Memphis, TN | Metro: Memphis, TN-MS-AR HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,470 | $262,546 | 0.56% | F |
| 4BR | $1,690 | $359,688 | 0.47% | F |
U.S. Census Bureau data (2024)
The ZIP code 38011 stands out in XX County due to its unique demographic and economic characteristics. With a population of 9,948 residents, it has a rental rate of 21.7%, indicating a moderate reliance on rental housing. The median income in the area is $70,150, which is relatively stable and suggests a middle-class community. The median home value of $271,937 further supports this notion, placing it within reach for many local families.
When examining the voucher economics, the Fair Market Rent (FMR) for ZIP 38011 in fiscal year 2024 is set at $1250, significantly higher than the market rent of $994 reported by the Census Bureau's American Community Survey (ACS). This discrepancy means that landlords who accept Section 8 vouchers can expect to receive higher rents compared to the average market rates, making it an attractive option for property owners looking to maximize their income potential.
The data signature for ZIP 38011 reads as "stable." Despite the slight increase in rental rates due to Section 8 vouchers, the overall economic conditions suggest a consistent environment where both homeowners and renters can find reasonable housing options. The moderate rental market share and middle-range home values indicate a balanced community, unlikely to experience drastic changes in the near future.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.